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Lease Performance Bond

Lease Performance Bond Template for Germany

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Key Requirements PROMPT example:

Lease Performance Bond

"I need a Lease Performance Bond under German law for a retail space in Munich, with a guarantee amount of €500,000, where the bond needs to automatically renew if the lease is extended beyond its initial term ending March 2025."

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Document background
The Lease Performance Bond is a crucial document in German commercial real estate transactions, typically used when a tenant seeks to provide security for their lease obligations without tying up substantial cash in a deposit. This type of bond, governed by German law, is particularly common in commercial leases where the rental values are significant or where the tenant is a corporate entity. The document outlines the bank's unconditional guarantee to pay a specified sum to the landlord upon demand, typically covering several months' rent plus anticipated ancillary costs. It includes specific provisions for making demands, validity periods, and release conditions, all structured to comply with German banking and property laws. The Lease Performance Bond serves as a more flexible alternative to cash deposits while providing equivalent security to landlords, making it a preferred choice in many commercial lease arrangements.
Suggested Sections

1. Parties: Identification of the guarantor (usually a bank), the beneficiary (landlord), and the principal (tenant)

2. Background: Brief recital of the underlying lease agreement and the requirement for the performance bond

3. Definitions: Key terms used in the bond, including 'Secured Obligations', 'Lease Agreement', 'Guarantee Amount'

4. Guarantee: Core provision establishing the unconditional and irrevocable nature of the guarantee and the maximum amount

5. Scope of Guarantee: Detailed description of which lease obligations are covered by the bond

6. Duration and Validity: Term of the bond, including expiry date or conditions for expiry

7. Demand Requirements: Formal requirements for making a valid demand under the bond

8. Payment Terms: Timeframe and method for payment upon valid demand

9. Reduction and Release: Conditions under which the guarantee amount may be reduced or the bond released

10. Transferability: Provisions regarding whether and how the bond can be transferred or assigned

11. Governing Law and Jurisdiction: Specification of German law as governing law and jurisdiction for disputes

Optional Sections

1. Multiple Beneficiaries: Required when the lease has multiple landlords or the property is under shared ownership

2. Step-In Rights: Optional section for commercial leases where a new tenant may take over the lease obligations

3. Automatic Renewal: Optional provision for automatic renewal of the bond if the lease is extended

4. Electronic Demands: Optional section specifying procedures for electronic submission of demands

5. Language Provisions: Required when the bond needs to be bilingual or when specifying that German is the controlling language

6. Tax Provisions: Required when there are specific tax implications for the bond that need to be addressed

Suggested Schedules

1. Form of Demand: Template for making a valid demand under the bond

2. Copy of Lease Agreement: Referenced lease agreement (usually only key pages or summary)

3. Authorized Signatories: List of persons authorized to make demands under the bond

4. Bank Account Details: Payment details for the beneficiary

5. Translation Certificate: If the bond is bilingual, certification of translation accuracy

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓƵ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions




























Clauses



























Relevant Industries

Banking and Financial Services

Real Estate

Commercial Property

Retail

Industrial and Manufacturing

Hospitality and Leisure

Office Space Management

Logistics and Warehousing

Professional Services

Relevant Teams

Legal

Real Estate

Treasury

Finance

Risk Management

Facilities Management

Corporate Services

Banking Operations

Asset Management

Property Management

Relevant Roles

Real Estate Manager

Property Manager

Legal Counsel

Commercial Lease Manager

Treasury Manager

Risk Manager

Facilities Manager

Corporate Real Estate Director

Chief Financial Officer

Asset Manager

Banking Relationship Manager

Lease Administrator

Corporate Services Manager

Real Estate Portfolio Manager

Industries







Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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